CEO John Stumpf, Candidate Donald Trump Caught Scamming

Nel's New Day

“Eight rhymes with great.” That’s the reason that Wells Fargo demanded that its employees squeeze eight accounts out of every customer—and the reason that employees were fired if they failed. (Do you have eight bank accounts with your bank of choice?) Then, as Sen. Elizabeth Warren (D-MA) emphatically announced during a Senate hearing, CEO John Stumpf fired employees for “cheating” employees and went off to get hundreds of millions of dollars in compensation. CEO John Stumpf claims that Wells Fargo knew nothing about these scams until the LA Times published information about it in 2013 although it appeared to have started as early as 2011.

The scam came to light when it was discovered that battered employees opened unneeded accounts for customers, ordered them credit cards without their permission, and forged client signatures. Employees begged family members to open ghost accounts and opened duplicate accounts for themselves. A homeless woman was…

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